Whats the difference between levered beta and re-levered beta?

Unlevered beta does not take into account the company's debt, it measures the risk of an investment by comparing the market to a company with no debt. Unlevered beta will always be lower than levered beta.

If you use the levered beta, you will value the equity portion of the company's capital structure directly whereas if you use the unlevered beta, you are valueign the company as a whole. In other words, the unlevered DCF gives you the enterprise value of the business and the levered DCF gives you the equity value (market value of the business).